Motorola Solutions (MSI, Financial) guided to a surprising -15% drop in revenue for the June quarter, as local and state government shutdowns hampered the approval and installation of new software and equipment projects. In spite of this short-term disruption to revenues, the Company grew its high margin software and services bookings +9% and guided to expanding operating margins for the year. We added to our position in Motorola Solutions as the stock traded well off its highs. The Company continues to dominate the markets for mission-critical land-mobile-radio (LMR) installations and associated command center software and services for emergency responders.
From David Rolfe (Trades, Portfolio)'s Wedgewood Funds second-quarter 2020 shareholder letter.
